Jito Surges on Debut, Aims for $5 Target
Jito, a liquid staking platform built on Solana, launched its governance token JTO this week. The token quickly saw a surge in price, reaching $3.67 on Dec. 8. Despite facing resistance at $3.67 and experiencing a short consolidation period, JTO managed to push for a new peak of $4.36 on Dec. 9. However, it ultimately fell to $3.34. Currently trading at $3.36, JTO has gained 64.7% this week and needs to maintain support at $3.30 to avoid further drops.
Solana Reaches Pre-Terra Highs
Solana’s positive momentum this week contributed to the optimism surrounding Jito. The asset surpassed several psychological price thresholds and reached a high of $77.78 on Dec. 9, marking its highest price since May 2022. Despite facing resistance at $77.78, SOL remains above key EMAs and maintains bullish momentum with a daily RSI of 68.
Avalanche Records Six Consecutive Wins
Avalanche had an impressive week with six straight intraday wins. Starting at $21.94 on Dec. 4, AVAX reached $30 on Dec. 8 without experiencing any intraday losses along the way. Although it is currently down 0.13% at $31.87, AVAX has gained 45% this week and must defend the $30.44 support to sustain its uptrend.
Hot Take: Crypto Market Cap Surges as Bitcoin Leads the Way
The global crypto market cap increased by 7.9% this week, rising from $1.52 trillion to $1.64 trillion. Bitcoin played a significant role in this growth, particularly with its push above $44,500. However, other assets like Jito, Solana, and Avalanche also made noteworthy contributions. Jito’s debut was marked by a surge in price and an attempt to reach a $5 target. Solana reached pre-Terra highs and maintained its bullish momentum, while Avalanche recorded six consecutive intraday wins. Overall, the crypto market continues to show strength and potential for further growth.
Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.